SLM trade ideas
Sanlam bear patternSanlam has bounced off the neckline of a bearish head and shoulders pattern for a second time now. I am of the opinion that the 200 Day moving average will act as resistance and we'll see a leg down soon. With Financials under pressure following that shocking GDP number, this stock needs to play catch up (to the downside). I have shorted at current levels for a big move down to R67.00. BUT! I have given my trade a lot of room in terms of my stop-loss. Stop is set at R80.20 which would signal a break-out. Cheers
SANLAM - POSSIBLE LONGJSE:SLM has broken through the descending resistance line as well as showing a bullish harami. If it closes above this line, I will consider entering a long position.
$JSE-SLMJSE:SLM
Tested support around 7100 once again. Break bellow will be quite bearish for the stock.
$JSE-SLMJSE:SLM
Trading in 7500-8000 box over last two months, currently testing bottom of the box.
Break bellow will open 7000 as target.
Sanlam broken trend (SLM)Sanlam managed to break its own upward trend back in March and has now made three attempts to resume it. Significant patterns here as the much larger head and shoulders seems to have failed but there is another smaller head and shoulders forming just below that previous trend line. Does that mead the larger pattern is back in play? I certainly think so. If current resistance holds and the 200 day moving average is broken (+-78.00) we could see a 10% pullback from here.
Trade Idea: Sanlam Ltd (SLM) Dear Trader
As a proxy for global equity markets, life assurance company Sanlam (SLM) has managed to hold onto share price gains despite the lackluster local economic outlook as well as the subdued global macroeconomic backdrop. Despite China also having released 'fair' economic data, global equities across the board on Thursday trade slightly lower while the US Dollar remains strong. At current levels, the shares from a short term technical perspective appears to be peaking and any substantial shift to 'risk-off' may see recent gains being eroded.
Based on this, I am looking at a short/sell from above 7920 (currently 7926c), using stop-loss of 8205c and take profit target of 7550c.
SANLAM LIMITEDI am entering with the sellers towards the bottom demand zone which is also confluence with the Quasimodo Level
SLM sideways channel from April '18JSE:SLM has been trading in quite a strong sideways channel since last year April. It is likely that it will bounce off of the bottom of the channel and head upwards.
JSE:SLM Sanlam Back to Test the Bottom of the Trading RangeSanlam has formed a trading range (TR) with a selling climax (SC), automatic rally (AR) and secondary test (ST) of the SC. After this, the stock has moved into Phase B and upthrust (UT) testing the top of the TR. With contracting volume, a drop to test the SC in phase B can be expected. This could see a decline to test R70 or R65 before continuing the TR.
Fib retracement on SLMJSE:SLM is in a short term downward trend at the moment and has retraced perfectly to the 61.8 Fib level.
It has started to turn down again and could be heading for the 161.8 level which happens to be a major support level from the past
$JSESLN Sanlam building what could be a bear flagSanlam lacked momentum above 8100 level and are now trading back in what looks like a channel. In that channel it is building a bear flag that if broken could challenge the bottom of that channel. A lot of if's, but's and maybe's here.
Sanlam posed for a breather !Sanlam setting up for a breather after the strong distribution zone at R 84 – R 86 (trade resistance) holds.
Of the view the stock will take a breather and consolidate around the trend support located at around the R 73.00 / R 75.00 levels.
$JSESLM Watching for clues on next possible moveNeckline of what seems to be an inverted head and shoulders to be retested. If the neckline holds, it might give some clues as to the next move up.
Expecting a reversal soonThe Sanlam Group is one of the largest established financial services groups in South Africa. Established in 1918, the group demutualised in 1998 and Sanlam Ltd then listed on the JSE Ltd. and the Namibian Stock Exchange. The group has business interests elsewhere in Africa, Europe, United Kingdom, India, the USA and Australia.
Daily: We can see an impulse move on the left of the chart from the high and there is currently a corrective structure formation taking place. I believe that we are very near the reversal point which will indicate the end of wave 3 and the start of wave 4 to the bottom of the structure. From that point I will need to see either a confirmation of a reversal for wave 5 before the big move to the downside or alternatively a break of the structure at the bottom of wave 4. I will be watching lower time frames for confirmation of the breaks or reversals.
$JSESLM - Previously mentioned 8080, but 8180 important levelWatch for momentum above 8180. Upper targets depicted on chart.
Reverse Head & Shoulders on SLMA reverse Head and Shoulders has formed on JSE:SLM .
It is currently trading on the neckline and if it breaks out convincingly we can expect it to go all the way to around the 9000 level.
This target level is established by measuring the distance between the top of the head and the neckline and copying the measurement on the upside.
This level coincides perfectly with a gap that formed on the 27th of March and needs to be closed.
Trend AnalysisPatience as it tests the channel. Possible retrace for good buy entries .
Possibility of a channel break to test support/resistance zone
Patience Patience
